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Switzerland — Labour market recovers faster than expected

21 June 2010
The latest economic forecast for Summer 2010 published by the Swiss Economic Institute (KOF) predicts that the Swiss economy is set to grow by +1.8% this year.

The pillars of growth are private consumption and foreign trade. For 2011, KOF is expecting slightly weaker GDP growth of +1.6% on account of the uncertain developments in Europe and the strength of the Swiss Franc.

The forecast unemployment rate has again been adjusted downwards. In 2010, the rate is set to average 3.8% and this is expected to continue to decline in the following year to 3.3%.

The economy has performed favourably in recent months. Fears that the upturn might be short-lived and that the recession had not yet been overcome have not been confirmed.

Production of goods and services has been expanding steadily for one year. The labour market, which traditionally lags behind the development of the economy at large, has recovered faster than expected. Employment has been rising since the end of December 2009, and the unemployment rate has been declining since January 2010.
 
To read the full Forecast in English, French or German languages please click here

 

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